WTI falling due to Covid concerns

The futures of West Texas Intermediate (WTI) have fallen by more than 7 % only few moments ago. It is assumed that this happened due to the fears and uncertainty connected to new variation of Covid-19 - Omicron. This adds to more than 10 % loss from the last week.

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Copper sinks below 8 000 dollars

Copper has just sunk below 8 000 dollars a ton, the lowest price in more than 18 months. It is likely that Copper, just like other industrial metals will fall in the price in the coming days and weeks mostly due to the fears of the incoming global financial recession.

Car plants at risk?

Herbert Diess, CEO of Volkswagen AG, warned that there is a possibility of energy supply halts for car plants in Germany. Diess stated that this is due to the shift from Russian energy imports, which are not happening fast enough and that building the necessary infrastructure will take time, yet believes the dependency on Russia will end.

Switzerland imported gold from Russia

Switzerland imported about 3 tons of gold from Russia in May. This is the first such import since the invasion started in February. It might suggest the softening stance towards the superpower, since the Russian bullion does not seem to be a tabooed commodity anymore.

US gasoline with record highs

According to AAA data, the price for a gallon of US gasoline has risen above 5 dollars per gallon for the first time in history. This only portrays that the problem with inflation is not only here, but that it is here to stay for some time, since rising fuel costs are central feature of rising inflation.

WTI rising yet again

West Texas Intermediate futures are fighting around a $120 a barrel mark to break above this level yet again. After three months since WTI hit $125 mark and then slowly retraced back to $90, WTI is trying to get back to these record high numbers. Some investors believe that due to the US summer driving season the price can even increase above $125.

Finland losing natural gas

Russia cut Finland out of its supply of natural gas due to the fact that Finland refused to pay for the commodity in Russian rubles. After Poland and Bulgaria, Finland became the third country that is affected with this type of a decision from Russia. The relations between the countries will probably only worsen since Finland plans to join NATO.

More market movers

Another crypto lender going bust

Voyager, a currently troubled crypto lender, has just filed for Chapter 11 bankruptcy in the United States. The company is seeking a restructuring plan, which they view as the best options under the current circumstances. The list of crypto companies being troubled by the current market stage is thus still growing.

Euro-dollar parity incoming?

Most of the currencies are weakening in pair with dollar. However, euro seems to be losing steam pretty sharply as it reached the weakest point since 2002 in pair with dollar. The situation is so dramatic, that with 1.02 dollars "buying" 1 euro, many believe that the parity of these two currencies is closer than ever.

AstraZeneca buying TeneoTwo

Just moments ago, AstraZeneca has stated that it will buy a biotechnology firm TeneoTwo for 1.27 billion dollars. The move should help with the "cancer portfolio" of AstraZeneca, since the U.S.-based TeneoTwo has been testing some experimental treatments such as T-cell engager, which are used to fight the cancerous cells.

EU trying to lure IPO investments

The EU Listing Act, which is supposed to be put forward by the end of this year, should help incentivize mainly deep technology companies to open up and raise funds in Europe. The main reason behind attracting an expected 47 billion dollars is the ease with which the founders will be able to keep the control over the firm once it goes public.

New luxury crypto card released

Bitcoinblack has just released a new crypto card in cooperation with Visa. The card should have no spending limit policy and will be issued only to 10 000 people. It will offer different benefits and perks for the high-net-worth individuals in the cryptospace from access to luxury mansions, airport lounges, private jets any much more.

Israel CB significantly hiking rates

Interest rate hikes by central banks can be seen all over the world. The Israel central bank is yet another institution that has decided to tackle the inflation by hiking the interest rates. The monetary committee of the country decided half a percentage point rate hike, from 0.75 % to 1.25 %, which is the biggest move since 2011.

News

Gold is in free fall, attacking 1750$

Gold is in free fall, attacking 1750$

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USD/JPY has so far ignored recent plunge in bond yields as there are really no reasons to buy JPY right now.
Norway strike could cut oil output by 15%

Norway strike could cut oil output by 15%

Workers on offshore oil and gas platforms have launched a strike, which the union says is expected to escalate over time.
Reserve Bank of Australia raises base rate

Reserve Bank of Australia raises base rate

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